Question : A certain sum of money becomes triple itself in 8 years at simple interest. In how many years it will become five times of itself?
Option 1: 16 years
Option 2: 7 years
Option 3: 10 years
Option 4: 12 years
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Correct Answer: 16 years
Solution : Given: A certain sum of money becomes triple itself in 8 years at simple interest. Let $P$ be the principal, the interest rate be $R$ and simple interest be $2P$ after 8 years. Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ ⇒ $2P=\frac{P\times R\times 8}{100}$ ⇒ $R=\frac{2P\times 100}{P\times 8}=25\%$ Now, the principal becomes $5P$, then the interest would be $4P$ in $T$ years and the rate of interest is 25%. ⇒ $4P=\frac{P\times T\times 25}{100}$ ⇒ $T=\frac{4P\times 100}{P\times 25}=16$ years Hence, the correct answer is 16 years.
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Question : If at compound interest a certain sum becomes 2 times itself in 5 years, then in how many years will it become 8 times itself?
Option 1: 18 years
Option 2: 12 years
Option 3: 20 years
Option 4: 15 years
Question : At a certain rate of interest per annum, compounded annually, a certain sum of money amounts to two times itself in 11 years. In how many years will the sum of money amount to four times itself at the previous rate of interest per annum, also compounded annually?
Option 1: 20 years
Option 2: 5.5 years
Option 3: 22 years
Option 4: 33 years
Question : A certain sum of money amounts to 3 times itself in 13 years when interest is compounded annually at a certain interest rate per annum. In how many years will the initial sum amount to 9 times itself at the same interest rate per annum, also compounded annually?
Option 1: 32 years
Option 2: 26 years
Option 3: 30 years
Option 4: 20 years
Question : At what time does a sum of money amount to twice itself at the simple interest of 25% per annum?
Option 1: 8 years
Option 2: 2 years
Option 3: 4 years
Option 4: 10 years
Question : If a sum triples in 4 years at simple interest, find the time that it would take to become 5 times itself at the same rate of interest.
Option 1: 6 years
Option 2: 8 years
Option 3: 5 years
Option 4: 3 years
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